Faye recently admitted he would like to end his career at Stoke after joining the club from Newcastle in 2008.
The Senegal international has just over a year to run on his current contract and Potters boss Tony Pulis is ready to sit down and discuss a new deal in the next few weeks.
"There has been talk about Abby's contract. There is enough time to talk about putting an extension in place for him," said Pulis.
"Over the last month he has been absolutely outstanding and he's been a brilliant signing.
"He had a great first season and had been up and down a bit this year but he's been superb over the last four weeks."